FHA Commissioner Carol Galante has announced plans to step down from her current post, leaving behind a Mutual Mortgage Insurance Fund that appears well on its way to recovery and a slumping FHA business. Industry response to Galante’s Aug. 12 announcement was mixed. Some stakeholders applauded her toughness and resolve in steering FHA through hard times, while others criticized her for policies that made it more difficult and costly for first-time homebuyers to obtain an FHA-insured mortgage loan. Galante’s nearly three-and-a-half year stint as FHA commissioner was highlighted by her efforts to stabilize the FHA’s ailing Mutual Mortgage Insurance Fund, reduce losses and improve lender oversight. She achieved these goals by creating a comprehensive risk-management structure at FHA, revamping FHA pricing and credit policies, and ...
The HUD IG found the Federal Housing Administration failed to bill lenders for 486 loans with enforceable indemnification agreements that created losses for the FHA.
When consumers were directed to Amerisave’s website, the lender gave quotes based on an 800 FICO score, even where consumers had previously entered a FICO score below 800, the agency said.
Wells Fargo, the nation’s largest servicer, has assigned an 80 basis point value to its residential MSR portfolio, but the nation’s number-two servicer, JPMorgan Chase, has its MSRs booked at 106 bps…
Next week, Nationstar Mortgage reports its second quarter results. If the company misses the targets set by investment bankers, it could be a blood bath…
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